Income Tax (Trading and Other Income) Act 2005 Explanatory Notes

Paragraph 97: Pre-27th March 1974 policies and contracts: disapplication of section 500(c)

3592.This paragraph reflects the commencement provisions in the source legislation for sections 500(c) and 501, which treat certain loans as part surrenders of a policy or contract. It is based on section 548(1) of ICTA.

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